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Knowing what type of lien a creditor holds is important for determining how you can deal with the lien in bankruptcy. This can get confusing, especially where the creditor has a non-consensual lien, which is a lien that you did not agree to. Here's a primer on the types of liens you may encounter.
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What Happens to Liens in Chapter 7 Bankruptcy?
What happens to liens on your property if you file for Chapter 7 bankruptcy? If a creditor has a lien, the creditor has rights against your property which secure your obligation to pay money you owe. Generally, if you don’t pay a lien creditor, it can take steps to take your property to satisfy the debt.
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Judgment Liens in Bankruptcy: Can You Get Rid of Them?
A judgment lien occurs when a creditor sues you, gets a judgment against you, and files a lien against your personal property to satisfy the judgment. You can avoid judgment liens in a Chapter 7 bankruptcy under the right circumstances.
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A judgment lien is a type of security interest that a judgment creditor can obtain against your property. Below you can learn how a creditor gets a judgment lien, what property the lien can affect, and more.